TORONTO, Sept. 25, 2013 /CNW/ - A Settlement Hearing in the matter of Shawn Bolt (the "Respondent") was held today in Toronto, Ontario before a three-person Hearing Panel of the MFDA's Central Regional Council. The Hearing Panel accepted the Settlement Agreement between MFDA Staff and the Respondent, as a consequence of which the Respondent:
- is prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for one year;
- is prohibited from acting in a supervisory capacity for five years;
- shall pay a fine of $5,000; and
- shall pay $1,000 in costs.
In the Settlement Agreement, the Respondent admitted that between at least 2009 and November 23, 2010 he:
|(a)||obtained and maintained 246 pre-signed forms for 61 clients and used pre-signed forms to process transactions in client accounts, thereby engaging in conduct unbecoming an Approved Person and failing to comply with the Member's policies and procedures; and|
|(b)||delayed, at his discretion, the processing of transactions in client accounts, thereby failing to process trades in client accounts on a timely basis and comply with the Member's policies and procedures.|
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 115 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
Managing Director, Enforcement